After escrow analysis, annual taxes nearly quintupled!! Feeling discouraged.

[Emery Regis]

Hi all, rookie out-of-state investor here. I've been definitely going through a learning process after purchasing my 1st rental property back in May 2022, and now have encountered another headache where I almost feel like giving up.

I've been paying about $2,217 in annual taxes, but now am expected to pay roughly $10,145. There's also an escrow shortage of $6,607. Purchase price of the property was $319,000.

Before this escrow analysis, I was on track to hit roughly $12,600 of annual cashflow, and now it's a projected -$1,800.

What did I miss? What am I missing here? Any advice?

Thank you BP community for all your insights.